Items Tagged with 'Royal Bank of Scotland'

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The Royal Bank of Scotland Group, which is already in the midst of a massive upheaval in its mortgage-trading business, is losing the global head of asset-backed products and credit trading, according to a report from Bloomberg.

A federal judge ruled Monday that Nomura Holdings misled Fannie Mae and Freddie Mac when it made false representations about the quality of mortgages that were used to back $2 billion in securities it sold to the GSEs. The judge said the “magnitude of falsity, conservatively measured, is enormous."

All sides have given their closing arguments in the FHFA’s trial against Nomura Holdings and the Royal Bank of Scotland. Now it's up to the judge to decide if mortgages sold to Fannie Mae and Freddie Mac were misrepresented when packaged into securities.

In fact, the disdain banks and their branch workers have toward their customers is even the subject of one bank's marketing campaign — that's testament to just how widely accepted it is that customer service is terrible. Well, RBS reportedly did something to top it all.

The original report, from the Financial Times and followed up by Reuters, said that the British bank will eliminate hundreds of jobs over the next two years “as part of the an effort to reduce its assets ahead of new rules set out by the U.S. Federal Reserve.”

Mortgage-bond traders at JPMorgan Chase, Morgan Stanley and Royal Bank of Scotland were placed on leave and told not to come to work. Could it be related to a high profile court case involving fraudulent mortgage bond trading?

CoreLogic partnered this week with the Urban Institute to host an interactive Capitol Hill panel focused on bringing private capital back to the mortgage market. The focus of the discussion was on pricing, governance and servicing.

This Month in HousingWireMagazine

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